Summary by Moomoo AI
Fortinet delivered robust Q3 2024 results with total revenue growing 13% YoY to $1.51 billion, driven by service revenue growth of 19.1%. The company achieved record GAAP operating margin of 31.2% and non-GAAP operating margin of 36.1%. Product revenue returned to growth at 1.7% YoY, while billings increased 6.1% to $1.58 billion.The company demonstrated strong cash generation with operating cash flow of $608.1 million and free cash flow of $571.8 million. Notable highlights include strong billings growth in Unified SASE and Security Operations segments. The board authorized a $1 billion increase in share repurchase program, bringing total authorization to $2.03 billion.Looking ahead, Fortinet raised its full-year 2024 guidance, projecting revenue between $5.856-$5.916 billion and service revenue of $4.015-$4.045 billion. The company expects non-GAAP operating margin between 32.9-33.9% for the full year, reflecting continued operational efficiency and market strength.
